the magic of Paypal

[grips03]

I pre-ordered a game for 467 euro last year. I ended up no longer wanting this game. I asked for a refund. Seller refunded less paypal.com fees. This is fine.

So 467 purchase euro became 449 euro refund, then Paypal.com charged me fees of 18 euro so now I have a refund of 431 euro. But then when they converted to USD they used a bogus exchange rate, so I got back 576 USD and not the 592 that the current exchange rate should have provided.

467 euro = 642 USD

642 - 576 = $66 in Paypal.com fees.

 

[dspoonrt]

Yeah, I find PayPal also swindles a few extra bucks when exchanging currency. Sorry to hear about your luck.

 

[xsq]

^^ yeah, that's PP alright. Wish another company would at least try to compete with them.

 

[moonwhistle]

No company will give you exact market exchange rates.

 

[cdamm]

No company will give you exact market exchange rates.

correct. every place that does exchange rates tacks on a point or two for themselves.

 

[GohanX]

My bank was even worse even I deposited a check drawn from a Canadian bank into my account.

 

[wyo]

I pre-ordered a game for 467 euro last year. I ended up no longer wanting this game. I asked for a refund. Seller refunded less paypal.com fees. This is fine.

So 467 purchase euro became 449 euro refund, then Paypal.com charged me fees of 18 euro so now I have a refund of 431 euro. But then when they converted to USD they used a bogus exchange rate, so I got back 576 USD and not the 592 that the current exchange rate should have provided.

467 euro = 642 USD

642 - 576 = $66 in Paypal.com fees.

You were past the standard refund period unfortunately. Did he refund you as a gift or was it all due to the suspect exchange rate?

 

[theMot]

correct. every place that does exchange rates tacks on a point or two for themselves.

True. Unfortunately on the internet Paypal is generally the way things work. It's good for security in case something goes wrong but their fee's and exchange rates suck.

For anyone who does a decent amount of international trade you really should go to a proper provider like AFEX for instance: www.afex.com

I use those guys, the spread is about 1 cent in the dollar for exchanges, if I use my bank it is about 4 cents, same as Paypal. Only other fee is $10 for each transaction.

 

[jsiucho]

You should have just kept your NEO XYX AES preorder.

 

[skinny503]

Yeah, I find PayPal also swindles a few extra bucks when exchanging currency. Sorry to hear about your luck.

They may have used the exchange rate that was applied when you first sent the money

 

[F4U57]

move to unrelated

 

[TikTekTak]

correct. every place that does exchange rates tacks on a point or two for themselves.

Yeah that's right but paypal is extreme. Around 4% or even a bit more on top of the interbank exchange rate. My CC company for example does 2%!